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For the third time since 2008, the chief of Sears Holdings' home appliances division is leaving the company.

Dev Mukherjee, who ran the division since 2008, will step down by the end of this week. Sears offered no further comment on Mukherjee's departure.

Sears expects to name a replacement within a few weeks, a company spokesman said in a e-mail to FORBES.

Sears is mired in a prolonged slump, and took a $2.4 billion loss last quarter. The appliances division is widely seen as the company's best remaining asset. Analysts have speculated what Sears' will do with the division that includes Craftsmen, Kenmore and Diehard brands.

Sears began selling two in-house brands, Crafts and DieHard, at other retailers for the first time ever last year.

Before Mukherjee, Doug Moore, a former Circuit City executive, held the post. He left in late 2010 after two years. He replaced Tina Settecase, who led the division for three years after billionaire Edward Lampert bought Sears in 2005.

And Mukherjee isn't the only executive fleeing Sears' C-suite in past months. John Goodman, Sears' apparel chief, left in January.

Sears unveiled a new plan to boost liquidity last month that includes spinning off its Hometown, outlet, and some hardware stores later this year, a move that could generate about $400 to $500 million. It also finalized the sale of 11 Sears stores throughout the country for $270 million.

Since Lampert took control in 2005, Sears shares have fallen more than 20%. In the past year alone, shares have plummeted nearly 9%.

Sears competes with other low-cost retailers like Wal-Mart, Target, Costco and Gap.